In September 2014, the Board of Directors approved a plan to initiate a regular quarterly cash dividend to our shareholders. We paid a quarterly dividend starting in the fourth quarter of 2014 through the second quarter of 2015 in an amount of $0.18 per share of common stock. In July 2015, the Board of Directors approved a 22% increase in the regular quarterly cash dividend to $0.22 per share of common stock for the third quarter of 2015. Although we plan to continue to pay such regular quarterly dividends at an anticipated initial aggregate annual dividend rate of $0.88 per share, there can be no assurance that we will be able to continue to do so or that we will achieve an annual dividend rate in any particular amount. The payment of any future dividends will be determined by the Board of Directors in light of conditions then existing, including MSCI's earnings, financial condition and capital requirements, business conditions, corporate law requirements and other factors.